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Short

TRADE AUDUSD: SELL@.71340 End Of Wave (iv) Into (v) +122 pips

FX:AUDUSD   Australian Dollar / U.S. Dollar
1242 7 21
This is a 4HR chart where you can see there was a nice long impulse wave down and since then, prices have been retracing it back up. But what is this retrace? When is it to end? Well, I'm thinking that retracement is over and a resumption of that trend has started. And I put my money where my chart is. I'm already SHORT on this pair and my members and I have already banked +122 pips while still making more pips as it continue it's decline. So since this trade is already profitable, why am I posting it now? Because I think there is still more, A LOT MORE pips to come. Let me explain....

WAVE COUNT
What I am showing in my wave count is that the last move down is a wave 5-wave             wave c and that this wave c is not done yet. The current correction should be a wave (iv) of (v) of c. It seems to have unfolded in a WXY trading channel and that pattern may now be done. Which means that the wave (v) down has started. Within that wave (v), it is possible that we may now be starting the wave iii             of (v).

PATTERNS
The dominant pattern has been the large POTENTIAL Bat that prices came close to completing last month but did not. It is still waiting to be completed. I mentioned that trading channel in my WAVE COUNTS section. That trading channel also happens to be a bear flag on a larger TF. Of which, prices are now starting to break through the bottom of that channel as of the time of this post. There are also 2 more POTENTIAL patterns here that are both showing that prices should decline. A cypher (blue) and a bat (green).

WHAT TO EXPECT
Expect that prices should break through the bottom TL decisively soon and descend in an impulsive fashion (on a smaller timescale). From there, it should continue to decline and complete both the cypher and the bat patterns before a retracement back up in a wave iv of (v) of c.

MY TRADE PLAN

I am still SHORT on this pair from .71340 and will be looking to add to my SHORT positions again after a sold break of the bear flag / trading channel.

*DISCLAIMER:
Please keep in mind that I am not giving any trading signals or trade calls here. Only providing my own trade thoughts for your benefit and insight as to my trading technique and style. Please don't ask if you should or should not take the trade or ask for stop loss and take profit levels. Any SL or TP given on my trades are my own I have used for my trade and are not recommendations for you to use. If you are not sure, then you do not have a trading plan for yourself in place. I suggest you make one before you continue to do any trading!

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Thank you
+1 Reply
IS THIS HINDSIGHT At best?
Reply
HINDSIGHT? Why do you say that? Please explain.
Reply
Great, thanks for share.. :)
Reply
yw!
Reply
That looks awesome. Thanks. Place of W is wrong btw.
Reply
yep, you're right! thanks for the correction. Sometimes I rush doing these charts and mess up!
Reply
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